金融机构脱媒背景下的跨国企业的融资决策（英文版）.doc
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金融机构脱媒背景下的跨国企业的融资决策（英文版）,题目：the analysis of multinational corporation financing decision on the world’s private placement markets based on the implications of disintermediation for inte...
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题目：The Analysis of Multinational Corporation Financing Decision on the World’s Private Placement Markets based on the Implications of Disintermediation for International Banks
页数：10
字数：2694 (英语单词)
摘要：With the development of financial market, the traditional transactions may not still be able to support bank’s profitability. After the emerging of stock market, bill market and investment banks, more and more investors try to find new investment ways in order to get a higher rate of return. Financial intermediary Theory believed that financial market will replace financial intermediary under adequate information and lower transaction cost. As a result, disintermediation for banks appeared and became increasingly popular as an alternative way of banks’ operation. Disintermediation is the shift away from traditional financial intermediation, in which banks collect deposits from surplus sectors and lend them to deficit sectors, towards financial agency in which banks provide advice and placement services. While the disintermediation has become more and more popular, it is observed that most multinational corporations tend to finance themselves through private placement rather than the disintermediation of banks. This report is aiming at analyzing the financing decisions by multinational corporations so as to find the possible reason why multinational companies finance themselves directly on the world’s private placement markets and critically assess the implications of this disintermediation for international banks.
关键字：disintermediation, financial institutions, financing
参考文献：
1.Brealey-Meyers(2003), Principle of Corporate Finance, 7th ed., New York: The McGraw-Hill Companies, pp405-414
2.Mark Carey et al.(1993), The Economics of the Private Placement Market [online], Washington DC: Board of Governors of the Federal Reserve System, pp77, Available from:
3.Darrell Zahorsky, Financing Your Business by Private Placement [online], Available from:
4.Simon Kwan, Willard T. Carleton(2004), Financial Contracting and the Choice between Private Placement and Publicly Offered Bonds[online], Available from:
5.Monica Klingberg Insoll(2005), Credit Concerns Arise Over European Issues As US Private Placement Market Overheats [online], Fitch Ratings Agency, Available from:
6.Reinhard H. Schmidt, Andreas Hackethal, and Marcel Tyrell(1999), Disintermediation and the Role of Banks in Europe: an International Comparison, Journal of Financial Intermediation
页数：10
字数：2694 (英语单词)
摘要：With the development of financial market, the traditional transactions may not still be able to support bank’s profitability. After the emerging of stock market, bill market and investment banks, more and more investors try to find new investment ways in order to get a higher rate of return. Financial intermediary Theory believed that financial market will replace financial intermediary under adequate information and lower transaction cost. As a result, disintermediation for banks appeared and became increasingly popular as an alternative way of banks’ operation. Disintermediation is the shift away from traditional financial intermediation, in which banks collect deposits from surplus sectors and lend them to deficit sectors, towards financial agency in which banks provide advice and placement services. While the disintermediation has become more and more popular, it is observed that most multinational corporations tend to finance themselves through private placement rather than the disintermediation of banks. This report is aiming at analyzing the financing decisions by multinational corporations so as to find the possible reason why multinational companies finance themselves directly on the world’s private placement markets and critically assess the implications of this disintermediation for international banks.
关键字：disintermediation, financial institutions, financing
参考文献：
1.Brealey-Meyers(2003), Principle of Corporate Finance, 7th ed., New York: The McGraw-Hill Companies, pp405-414
2.Mark Carey et al.(1993), The Economics of the Private Placement Market [online], Washington DC: Board of Governors of the Federal Reserve System, pp77, Available from:
3.Darrell Zahorsky, Financing Your Business by Private Placement [online], Available from:
4.Simon Kwan, Willard T. Carleton(2004), Financial Contracting and the Choice between Private Placement and Publicly Offered Bonds[online], Available from:
5.Monica Klingberg Insoll(2005), Credit Concerns Arise Over European Issues As US Private Placement Market Overheats [online], Fitch Ratings Agency, Available from:
6.Reinhard H. Schmidt, Andreas Hackethal, and Marcel Tyrell(1999), Disintermediation and the Role of Banks in Europe: an International Comparison, Journal of Financial Intermediation
